Retyre adds NOK 11M in funding.

Retyre, a Trollåsen, Norway-based company manufacturing rubber zippers for wheels of bikes, wheelchairs or strollers, secured NOK 11M in financing for the company.

The deal is structured as a 7 million nonrefundable loan from European Union, a 1.5M grant from Innovation Norge and a NOK 2.5M ($300k) funding placement from private investors.

Retyre, founded in 2015 by Paul Magne Amundsen, Sigmund Andenes and Alexander Gjørven, developed an innovative tire coat for bicycles that can be easily attached to the wheels with a zipper. The company already works with clients including local retailer XXl as well as Americans Buddy Bike and Hardrocx.